- 1). Determine if your business is a C corporation or S corporation. The steps for transferring ownership are general and therefore apply to both.
- 2). Consult with the board of directors or shareholders with the corporation first. You will need approval from them before any sale or transaction can take place. Shares are freely transferable.
- 3). Retain an attorney to discuss the sale of your assets and stock. Shareholders often have stake in stock and will be taxed on property or cash transferred to them.
- 4). Hire a tax adviser to thoroughly explain any tax implications. You want to know what you will be taxed after the sale, if anything at all.
- 5). Discuss a plan of liquidation with your attorney. You want to maximize the sale of any property you wish to sell.
- 6). Find a buyer.
- 7
Decide how the transaction will proceed.money makes money image by Andrey Andreev from Fotolia.com
Determine if the sale will be paid out in a lump sum or with installments.
previous post